BIS paper links funding to emerging economies and stock market volatility
A working paper, published by the Bank for International Settlements (BIS) on July 25, examines international capital flows in and out of emerging markets and suggests the response by central banks encourages these flows.
The author, Robert McCauley, analyses the link between the VIX volatility index and international bank flows from 1998–2012, arguing that emerging market central banks increase holdings of reserve currency assets during periods of stock market calm, but accumulate riskier
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